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Raising Cane’s Ground Lease, Portland, TX (Corpus Christi MSA)

Raising Cane’s Ground Lease, Portland, TX (Corpus Christi MSA)


Investment Summary

Price $3,219,000
Cap Rate 4.35%
NOI $140,000
Lease Term 15 years
Lease Type Absolute NNN ground lease, with tenant responsible for all taxes, insurance, and maintenance, including roof, structure, and parking lot
Rental Increases 12% rental increases every five (5) years
Year Built 2024
Building Size 2,918 SF
Lot Size 1.02 acres (44,449 SF)
Status Available
Lead Brokers Scott Crowle
Executive Managing Director
415.604.4288
scott.crowle@cushwake.com
CA RE License #01318288

Jack Hinson
Brokerage
704.572.9921
j.hinson@cushwake.com
CA RE License #02059267

Michael T. Yuras, CCIM
Vice Chairman
415.481.0788
michael.yuras@cushwake.com
CA RE License #01823291

Vincent Aicale
Vice Chairman
415.690.5522
vince.aicale@cushwake.com
CA RE License #01728696

Ryan Forsyth
Vice Chairman
415.413.3005
ryan.forsyth@cushwake.com
CA RE License #01716551

Investment Highlights

NEW 15-YEAR ABSOLUTE NNN CORPORATE GROUND LEASE TO RAPIDLY GROWING QSR TENANT
» New 15-year absolute NNN corporate ground lease to high sales volume tenant
» 12% rental increases every five years
» No landlord management, ideal for an out-of-area investor
» Site features a dual-lane drive-thru for added customer convenience
» Raising Cane’s opened more than 100 locations in 2023, with plans to add 100 locations in 2024

OUTPARCEL TO NEW $100M MIXED-USE DEVELOPMENT ANCHORED BY TARGET (ONLY TARGET OPENING IN TEXAS IN 2024)
» High-visibility and easily accessible location just off the signalized hard corner of Broadway Boulevard and U.S. Route 181 Frontage
» Located just off U.S. Route 181 (53,745 AADT), allowing the site to capture significant commuter traffic
» Outparcel within Portland Town Center, a $100M mixed-use development anchored by a 128,000 SF Target slated to open by summer 2024 (only Target opening in Texas in 2024)
» Coming to the development will be Brake Check, Jack in the Box, Wells Fargo, Five Guys, Chipotle, Aspen Dental, Five Guys, and James Avery
» Proximity to a $38B industrial investment with major industrial employers such as Exxon, Voestalpine Group, and Occidental Chemical Corporation

HIGHLY AFFLUENT TRADE AREA SURROUNDED BY SEVERAL MAJOR NEW INDUSTRIAL FACILITIES
» $38B in industrial investments within seven miles of the site
» Extremely affluent average annual household income of $122,527 within a one-mile radius
» 20% increase in five-mile population since 2010
» Close proximity to new $12B Exxon plan (the largest ethylene cracker plant in the world), new Steel Dynamics plant (2,600 acre, $1.9B plant), and several other major industrial sites
» Projected population and income increases within 1-, 3-, and 5-mile radii over the next five years poise Raising Cane’s and Portland for steady concurrent growth
» Per the Corpus Christi Metropolitan Planning Organization, by 2045, the Corpus Christi region will be home to over 611,000 people while the number of jobs is forecasted to grow by more than 70,000 in the next 25 years

NEW 2024 CONSTRUCTION IN A TAX-FREE STATE
» New 2024 construction built to latest Raising Cane’s prototype
» Texas is an income tax-free state

Property Description

» New 15-Year Absolute NNN Ground Lease: New 15-year absolute NNN corporate ground lease to high sales volume tenant with 12% rental increases every five years
» Excellent Location: Easily accessible location near the signalized intersection of Broadway Boulevard and U.S. Route 181 Frontage (9,437 AADT) with high visibility from U.S. Route 181 (70,000 AADT)
» Outparcel to Target: This Raising Cane’s is positioned within Oliver’s Way, a $100M mixed-use development anchored by a Target (slated to open August 2024)
» Near Major Traffic Drivers: The property is located across the street from a retail center anchored by Walmart and Academy Spotrs + Outdoors, and it maintains beneficial proximity to well-attended schools such as Gregory-Portland High School (1,378 students) as well as major industrial employers (including Voestalpine Group and Kiewit Offshore Services)
» Affluent Area: The average annual household income within a 1-mile radius of this Raising Cane’s is $122,257 (projected 12% increase by 2028)
» Ideal Nearby Customer Base: 22,470 residents living within a 5-mile radius of this site, providing an ideal customer base
» Part of a Major MSA: With a population of over 350,000 in 2023, the Corpus Christi MSA is projected to double its population size by 2045

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